Meta Financial Group, Inc. (NASDAQ: CASH) and its bank subsidiary, MetaBank, have signed an agreement with AFS/IBEX Financial Services, Inc. (“AFS”) to acquire substantially all of AFS’ loan portfolio and related assets and hire its team. The proposed purchase, which is subject to customary conditions, has been approved by the boards of directors of each company and is expected to close by the end of the calendar year.
AFS provides short-term, collateralized financing to facilitate the purchase of insurance for commercial property, casualty and liability risk. Founded in 1986, AFS/IBEX is one of the top ten insurance premium finance companies in the U.S., originating loans through a network of over 1,300 independent insurance agencies. In 2013, AFS originated over $200 million of insurance premium finance loans.
AFS was advised by Colonnade Securities LLC and the law firms of Whitaker Chalk Swindle & Schwartz PLLC and Bracewell & Giuliani LLP.